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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Asset Impairments Recorded in Connection With Fair Value

The following table presents a summary of asset impairments recorded in connection with fair value assessments for 2019, 2018, and 2017:



	For the Year Ended December 31,
	2019		2018		2017
	(In millions)
Oil and gas proved property	$	1,484	$	328	$	—
GPT facilities	1,295		56		—
Equity method investment	—		113		—
Divested unproved properties and leasehold	149		10		—
Inventory and other	21		4		8
Total Impairments	$	2,949	$	511	$	8

Schedule of Allowance for Doubtful Accounts

The following table describes changes to the Company’s allowance for doubtful accounts for 2019, 2018, and 2017:



	2019			2018			2017
	(In millions)
Allowance for doubtful accounts at beginning of year	$	92		$	84		$	93
Additional provisions for the year	3			9			4
Uncollectible accounts written off net of recoveries	(7		)	(1		)	(13		)
Allowance for doubtful accounts at end of year	$	88		$	92		$	84

Schedule of Non-cash Impairments of Proved and Unproved Property and Equipment

The following table represents non-cash impairments of the carrying value of the Company’s proved and unproved properties for 2019, 2018, and 2017:



	For the Year Ended December 31,
	2019		2018		2017
	(In millions)
Proved Properties:
U.S.	$	1,484	$	265	$	—
Egypt	—		63		—
Total Proved	$	1,484	$	328	$	—
Unproved Properties:
U.S.	$	760	$	96	$	244
Egypt	8		—		—
North Sea	—		128		—
Canada	—		—		2
Total Unproved	$	768	$	224	$	246

Schedule of Consolidated Revenues from Contracts with Customers

The following table represents consolidated revenues from contracts with customers for the years ended December 31, 2019 and 2018:



	For the Year Ended December 31,
	2019			2018
	(In millions)
Oil and gas production revenues from customers	$	6,315		$	7,348
Less: oil and gas production revenues from non-customer⁽¹⁾	(451		)	(652		)
Purchased oil and gas sales from customers⁽²⁾	176			357
Revenues from contracts with customers	$	6,040		$	7,053


(1)	Oil and gas production revenues from non-customer represents income taxes paid to the Arab Republic of Egypt by EGPC on behalf of the Company. Revenue and associated expenses related to such tax volumes are recorded as “Oil and gas production revenues” and “Current income tax provision,” respectively, in the Company’s statement of consolidated operations.

(2)

Purchased oil and gas sales represent proceeds from the sale of commodity volumes which were purchased from third parties to fulfill volume commitments. Proceeds and associated costs related to such volumes are both recorded as “Other” under “Revenues and Other” in the Company’s statement of consolidated operations. Associated purchase costs totaled $142 million and $340 million for the years ended December 31, 2019 and 2018, respectively.